The holiday season has arrived, which means consumers will be flooding online and brick-and-mortar stores to purchase gifts for their loved ones. While the holidays are celebrated as a time of giving and gathering with family and friends, it’s also a time in which many American consumers fall victim to excessive spending. In fact, a study by Ascent found that the average consumer spent nearly $1,000 on Christmas gifts in 2019.
Since excessive spending is an easy way to get caught in the bad credit trap, we’ve come up with a list of ideas that may help you cut back on costs during the holidays.
DIY (Do-It-Yourself) presents
There are plenty of crafty, creative ways you can create a special gift for a special person in your life, for probably half the cost. You can search sites like Pinterest, Etsy and YouTube for inspiration and guidance on how to create a DIY gift basket, ornament, blanket, jewelry and more.
Secret Santa gift exchange
Coordinating a Secret Santa gift exchange with family or a group of friends is another cost-efficient way to indulge in the spirit of giving. Rather than feel compelled to buy a gift for everyone, each participant will have a designated person to buy a gift for within a budget that’s comfortable for everyone participating.
A basket of homemade goodies
Because who doesn’t love a fresh batch of homemade Christmas cookies?! Warm, yummy and sweet enough to lift someone’s spirits.
These are always fun, practical gifts that many people appreciate: fuzzy socks, a gift card, cell phone case, ear buds, car adapter, etc.
If you’ve created a lot of memories with some special people in your life throughout the year, why not create a photo album with all your favorite pictures together? Something that’s thoughtful without having to break the bank.
If you’re in the process of improving your credit and need help getting approved for financing, a car dealership enrolled in the Credit Acceptance program can help! Simply fill out the form on our website and we’ll connect you with a car dealership near you that can help you start your credit approval today!